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Tag Archives: Dr Kayode Fayemi

Battle for the soul of ASC rages as NASS moves to amend privatisation law

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Though the federal government has given a clear indication that it is not ready to change its mind in going ahead to re-privatize the moribund Ajaokuta Steel Complex (ASC) in Kogi State, it is yet to hire transaction adviser. But to tame the entire move by the executives, the House of Representatives has gone a step further in its opposition ...

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FG, lawmakers in serious differences that may make or mar the soul of ASC

Buhari NASS

Barely one week after the Speaker of the House of Representatives, Hon. Yakubu Dogara and some members toured the moribund Ajaokuta Steel Complex (ASC) in Kogi State and averred every effort must be made by government to revive it, the government has responded saying it won’t spend any more money on Ajaokuta again. Otherwise, the Federal Government on Thursday last ...

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Long absence of Solid Minerals Regulatory Commission fueled illegal mining—BHIU

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New report published by Business Hilights Intelligence Unit (BHIU), the investigative arm of Business Hilights Media group, has revealed that the absence of a federal Commission charged with regulatory activities in the nation’s mining sector is responsible for exponential growth in illegal mining in parts of the country. The report noted that “The oversight exhibited by previous governments which predates ...

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Why FG ceded controlling shares of ALSCON to Russian firm, UC Rusal

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More facts have emerged on why the federal government gave official recognition to Messrs UC Rusal, a Russian company, as the core investor in the Aluminium Smelter Company of Nigeria (ALSCON), Ikot Abasi, Akwa Ibom State. Government considered UC Rusal based on its track record in multiple development and expansion of several related factories across the world where it has ...

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S’Minerals fail 2017 revenue target, contributes paltry N3.5bn to Federation Account

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Upon over N150bn federal budgetary allocation to the Ministry of Solid Minerals to drive sector capacity growth, the sector only managed to inject N3.5bn to the Federation Account between January and November 2017. Making the revelation in Abuja, the Minister of Mines and Steel Development, Dr. Kayode Fayemi, said 2018 will be better as several investments made last year will ...

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‘N20bn for solid minerals exploration in 2018, a strong step towards diversification’

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The revelation that the Federal Government has earmarked N20bn for exploration activities in the solid minerals sector in 2018 has been welcomed by industry stakeholders, saying this is the first ever strong move made in the resuscitation of the sector in the last couple of years. The Minister of Mines and Steel Development, Dr. Kayode Fayemi, disclosed this at the ...

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FG inspects Gold mining sites, sets aside N5bn for artisan miners

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For the first time in the history of the federal Ministry of Mines and Mineral Resources, a serving Minister, on Saturday inspected just one of the gold mining sites filled with artisan miners. The minister, Dr. Kayode Fayemi inspected the gold mining site at Garin Awal at Fakai Local Government Area in Kebbi State. While assessing the crude mining methodology ...

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$9bn loss to activities of illegal miners, an indictment on Ministry—Expert

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The recent revelation by the Minister of Mines and Steel Development, Dr. Kayode Fayemi, at the end of a meeting of the Federal Executive Council (FEC), presided over by President Muhammadu Buhari on Wednesday, that government lost $9bn between 2014 and 2015 to illegal miners has elicited reactions from stakeholders in the industry. The Minister had explained that the $9bn ...

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Confusion still rages on fate of Ajaokuta Steel Complex

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Contrary to claims by the Federal Government that it will soon take decision on what happens to the Ajaokuta Steel Complex, there are serious indications that the matter surrounding the re-concessioning, may linger till next year. Whereas a director of Global Steel Holdings Limited, concessionaire of the Ajaokuta Steel Company Limited, Dr. S. O. Nwanbuokei, that the dispute between the ...

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FG yields to pressure, awards oil block license to Ondo for bitumen exploration

fayemi-k

The Federal Government on Tuesday announced the award of an oil block license to Ondo State Government for bitumen exploration. According to the Minister of Mines and Steels Development, Dr. Kayode Fayemi who made this known at the 1st Ondo State Investment Forum held at the International Event Center (DOME), Akure, the state capital, “the license was granted to the ...

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